The Myntra will soon foray into multi-brand brick-andmortar retailing of beauty and cosmetics products under Myntra Beauty brand and is scouting for large spaces in malls and high streets across top cities, people familiar with the development said.
Ananth Narayanan, chief executive at Flipkart-owned Myntra-Jabong, said the company will enrol franchisees to run the beauty and cosmetics outlets. “Beauty and personal care is a fast growing segment for us which has been growing at 400% year-on-year. Today we have over 250 leading brands across make up, skin care, bath & body, perfumes and beauty appliances,” he said.
A person familiar with the development said Myntra Beauty will be modelled on LVMH-owned global chain Sephora, and will focus on 3,000-4,000 square feet. The first outlet will come up in Bengaluru, where the Flipkart-owned company is based, later this year or early next year, he said. Myntra Beauty will compete with beauty and cosmetics retailers including Sephora, Colorbar, Bobbi Brown, Body Shop, L’Oreal, and Nykaa in India’s cosmetics market estimated at about $6.5 billion, or about `45,569 crore. According to RedSeer Consulting, the market is growing 25% annually and is expected to touch $20 billion annual sales by 2025.
The beauty chain will be the third brick-and-mortar foray by Myntra after opening stores of its private brand Roadster and operating franchisee outlets of Spain’s Mango brand. This will be the first time when Myntra brand name is used for any physical store. Some other e-commerce companies, including lingerie brand Zivame, furniture sellers such as Urban Ladder and Pepperfry, eyewear company Lenskart, and cosmetic retailer Nykaa, have already opened physical outlets bearing their brand names.
Myntra is also looking for mall spaces to open stores of Hong Kong-based fashion brand Esprit with which the Bengaluru company entered into a franchisee agreement last year. Myntra sells more than 100 beauty and cosmetics brands, including MAC, Clinique, Bobbi Brown, and Estee Lauder, on its e-commerce platform and is now trying to leverage its bouquet of brands to capture the offline market, one of the sources said. ET had reported in December that Myntra is planning to enter the country’s beauty and cosmetics market.